OVERSEA CHINESE BANKING Corp Ltd Takes $2.83 Million Position in Axon Enterprise, Inc $AXON

Key Points

• OVERSEA CHINESE BANKING Corp Ltd acquired 5,041 Axon Enterprise shares in the second quarter, worth approximately $2.83 million. Institutional investors collectively own 79.08% of the company.
• Analysts remain broadly bullish, with 13 Buy ratings and three Holds; Axon has a “Moderate Buy” consensus and an average price target of $730.92.
• Axon reported quarterly revenue of $904.39 million, up 35.3% year over year, and earnings of $1.88 per share, exceeding expectations of $1.84. Shares opened at $614.26, while the stock trades at a very high price-to-earnings ratio of 254.88.

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 5,041 shares of the biotechnology company's stock, valued at approximately $2,826,000.

Other hedge funds also recently bought and sold shares of the company. E Fund Management Co. Ltd. purchased a new stake in Axon Enterprise during the 2nd quarter valued at about $9,670,000. Edmond DE Rothschild Holding S.A. bought a new stake in Axon Enterprise during the 2nd quarter valued at about $80,000. Csenge Advisory Group purchased a new position in Axon Enterprise in the second quarter worth about $646,000. OV Management LLC purchased a new position in Axon Enterprise in the second quarter worth about $104,000. Finally, AssuredPartners Investment Advisors LLC purchased a new position in Axon Enterprise in the second quarter worth about $235,000. Institutional investors own 79.08% of the company's stock.

Analyst Ratings Changes

AXON has been the topic of a number of recent analyst reports. The Goldman Sachs Group reiterated a "buy" rating and set a $715.00 price target on shares of Axon Enterprise in a report on Thursday, August 6th. Barclays boosted their price objective on shares of Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. JPMorgan Chase & Co. upped their price objective on Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Axon Enterprise in a research report on Wednesday, August 5th. Finally, Piper Sandler increased their target price on Axon Enterprise from $724.00 to $732.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Thirteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $730.92.

Axon Enterprise Price Performance

Shares of NASDAQ:AXON opened at $614.26 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15. The firm has a market cap of $49.90 billion, a price-to-earnings ratio of 254.88, a price-to-earnings-growth ratio of 10.48 and a beta of 1.39. The business has a 50-day simple moving average of $539.39 and a two-hundred day simple moving average of $475.81. Axon Enterprise, Inc has a fifty-two week low of $339.01 and a fifty-two week high of $794.29.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.04. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The firm had revenue of $904.39 million for the quarter, compared to the consensus estimate of $876.42 million. During the same quarter last year, the firm posted $2.12 EPS. The business's quarterly revenue was up 35.3% compared to the same quarter last year. On average, analysts expect that Axon Enterprise, Inc will post 2.04 earnings per share for the current year.

Insider Activity at Axon Enterprise

In other Axon Enterprise news, CRO Cameron Brooks sold 1,242 shares of Axon Enterprise stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $500.00, for a total value of $621,000.00. Following the completion of the sale, the executive owned 49,710 shares of the company's stock, valued at approximately $24,855,000. The trade was a 2.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeri Williams sold 629 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $469.64, for a total transaction of $295,403.56. Following the sale, the director owned 1,141 shares of the company's stock, valued at approximately $535,859.24. This represents a 35.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 66,989 shares of company stock valued at $35,216,932 over the last quarter. 4.20% of the stock is owned by company insiders.

Axon Enterprise Profile

Axon Enterprise, Inc develops technology and weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company's hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.

Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.

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